Clinton Has Two People To Thank For Popularity

KINGLEY GUY

July 31, 1997|KINGSLEY GUY Editorial Page Editor

Bill Clinton is a popular president, with approval ratings topping 60 percent. And why shouldn't he be popular? The American economy is booming, unemployment is the lowest it has been in a generation, and a soaring stock market has added substantially to the net worth of tens of millions of Americans.

While the United States is being typically bellicose, rattling its saber against the Chinese, assorted Muslim countries, and Russia through the proposed extension of NATO, it has as yet been unable to pick a fight with anybody.

With the nation at peace and the economy in overdrive, what's there to criticize? Sure, Whitewater has been a blemish on the presidential reputation, but the American people, by and large, can't generate much outrage over the chicanery involved in an obscure land deal in Arkansas, particularly since they have jobs to go to. Outrage diminishes in direct proportion to a falling unemployment rate.

Foreign influence in the White House hasn't particularly exercised Americans, either. Perhaps they recognize the hypocrisy of it all. The United States has a history of trying to influence politics in other countries, including through assassination, so what's the big deal if Indonesians or Chinese try to influence U.S. affairs through a few illegal campaign contributions? Besides, it's hard to get exercised about anything when your 401(k) is increasing at double-digit rates.

Even a good sex scandal can't torpedo the Clinton presidency. Regardless of whether he's guilty of the charge alleged by Paula Corbin Jones, the president would be wise to settle the lawsuit against him, then put a spin on the story through his surrogates.

"Jones' lawsuit was politically motivated and was interfering with the president's ability to govern," James Carville could say on the talk show circuit. "For the good of the country, the president decided to settle, even though Paula Jones couldn't possibly identify a distinguishing characteristic of the presidential private parts."

After an initial flurry of media overkill, the whole sordid episode would be forgotten in a week as people pack their bags for summer vacations made possible by increased disposable incomes.

Clinton owes his Teflon coating to the strong economy, and for this he should be especially grateful to two people: Treasury Secretary Robert Rubin and former President Ronald Reagan.

Early in the Clinton presidency, Rubin argued strenuously that Clinton take the heat for engineering a tax increase. The tax hike would reduce the federal deficit, Rubin argued, thus lowering interest rates and fueling an economic boom that would lead to re-election.

Clinton followed the good advice, and the rest is history. This week, he was even able to sign on to some minor tax cuts made possible by the enormous private sector growth.

But it was Reagan, with a steadfast belief in free enterprise, who was the ideological godfather of the current economic boom, notwithstanding his contribution to deficit spending. When Reagan rode into Washington in 1981, inflation was high, smokestack industries were in decline, and Americans were worried the mighty United States might devolve into second world status.

The nation's liberal elite was arguing that the federal government needed to adopt an "industrial policy," and regulate, protect, subsidize and in other ways manipulate the development of chosen industries, as was being done by Japan and many European countries. Reagan stood in their way, and argued the best way to rebuild America's economy was to let the free market work as intended.

Eventually, all talk of a national industrial policy vanished, and today Clinton is lecturing economically moribund Japan and Europe on the inherent worth of American economics.

So, Mr. President, give a pat on the back to your treasury secretary and a tip of the hat to the Gipper. If the economy can hang in there for three more years, and you don't allow your underlings to blunder the United States into a war, a favorable place for you in the pantheon of presidents will be assured.